MANHATTAN OFFICE SPACE MARKET ANALYTICS FOR 2020 

MANHATTAN OFFICE SPACE MARKET ANALYTICS FOR 2020

INVENTORY SF  376 M  +1.0%  Prior  Period  373 M
UNDER CONSTRUCTION SF  10.2 M -10.3%  Prior Period  11.4 M
VACANCY RATE  11.7%  +1.0%  Prior Period  10.7%
AVERAGE MARKET RENT / SF  $76.15 +1.2%  Prior Period  $75.25
MARKET SALE PRICE / SF  $904 +2.9%  Prior Period $878
MARKET CAP RATE  4.3%  Prior Period  4.3%

Availability

Vacant SF 40.7 M Sublet SF 11.8 M
Availability Rate 18.3% Available SF 65.8 M
Available average Asking Rent/SF $60.04
Occupancy Rate 88.3% Percent Leased Rate 91.5%

Office Sales Past Year

Asking Price Per SF $701
Sale to Asking Price Differential -1.4%
Sales Volume $7.5 B
Properties Sold 104
Months to Sale 11.0
For Sale Listings 142
Total For Sale SF 1.3 M

Demand
12 Months Net Absorption % of Inventory -0.1%
12 Months Leased SF 32 M
Months on Market 8.2
Months to Lease 12.1
Months Vacant 11.0
24 Months Lease Renewal Rate 35.1%
Population Growth 5 Years 3.0%

MANHATTAN OFFICE SPACE MARKET REPORT  2020